Colder Temperatures Push Natural Gas Higher
Natural gas gained for a second consecutive day in NYMEX trading as colder temperatures making their way towards the Northeast is expected to increase demand.
Natural gas futures for January delivery rose 10.9 cents, or 2 percent, to close at $5.688 per million British thermal units on the New York Mercantile Exchange.
The next government weekly storage report is due out tomorrow at 10:35 a.m. EST. According to analysts surveyed by Bloomberg, inventories are expected to have dropped by 85 billion cubic feet.
Earlier this week, natural gas futures had reached a 15 month low largely due to the global financial crisis causing sharp drops in demand for the fuel.